Ranging movement between $237.0 and $219.2 levels
BNBUSD Price Analysis: 08 December
Buyers holding the $219.2 support level have the potential to break the $237.0 resistance level, putting the $254.2 and $267.5 resistance levels in jeopardy. If $237.0 is not acceptable to both buyers and sellers. BNB may have closed at its most recent lows of $187.3 and $204.9, below the critical $219.2 barrier.
BNB/USD Market
Key levels:
Supply levels: $237.0, $254.2, $267.5
Demand levels: $219.2, $204.9, $187.3
BNBUSD Long-term Trend: Bearish
The daily BNBUSD chart is showing a downward trend. The cryptocurrency’s price ranged between $219.2 and $204.9 a few weeks ago. This range movement lasted for three weeks. $219.2, which had been a resistance level, became a support level as the bulls gained momentum. The BNB market was dominated by buyers last week. The amount increased to $267.5. Selling picked up steam on November 21, and the price crashed to retest $219.2. At the moment, buyers are gaining the upper hand in trying to break up the $237.0 level.
The cryptocurrency’s price is presently increasing and is slightly above the exponential moving averages with 9 and 21 periods. Buyers holding the $219.2 support level have the potential to break the $237.0 resistance level, putting the $254.2 and $267.5 resistance levels in jeopardy. If $237.0 is not acceptable to both buyers and sellers. BNB may have closed at its most recent lows of $187.3 and $204.9, below the critical $219.2 barrier.
BNBUSD medium-term Trend: Bearish
Over the following four hours, the trend might get better. The triple bottom pattern first observed on October 15 around the $204.9 support level, initiated a bullish trend. This led to an increase in the price. The $267.50 resistance level was looked at on November 21. The price fell to $219.2 when a strong bearish candle formed, signaling that sellers had had enough. The market is currently experiencing low volatility.
BNB is currently trading near the exponential moving averages with periods of 9 and 21. A buy is indicated by the relative strength index period 14 signal line’s upward increase at level 56.
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